The FTX token (FTT) has fallen significantly over the past 24 hours, with the price falling from an intraday high of $3.94 to an intraday low of $3.44. The price of the token, currently $3.56, has fallen 4.49% from the day’s high. FTX’s current bankruptcy process accompanies this downward trend, casting doubt on the utility and relevance of the token in the future.
FTT/USD 24-hour price chart (source: CoinStats)
Adding to the complexity, recent transaction data reveals that FTX has transferred substantial amounts of digital assets, specifically 8 million MATIC tokens valued at approximately $5.95 million and 1,592 Ethereum (ETH), worth around 3 .22 million dollars, to Coinbase and OKX, respectively.
In the last 8 hours, #FTX transferred 8 million $MATIC ($5.95 million) and 1,592 $ETH ($3.22 million) to #Coinbase and #OKX. pic.twitter.com/KB3r7REE6m
– Bitcoin Scoop (@bitcoin_scoop) November 28, 2023
These transfers, made within 8 hours, have sparked speculation about the possible implications for the value of FTT and the broader market. The movement of such significant sums to exchanges indicates a strategic liquidation effort by FTX as they work to manage the fallout from their financial collapse.
Consequently, the market capitalization has also been affected, decreasing by 4.66% to approximately $1.17 billion. Furthermore, despite a 32.95% increase in trading volume, the function and longevity of the token remain in doubt as the liquidation process progresses to resolve creditor claims.
Terra Classic (LUNC) Price Analysis
At the same time, despite starting the day with solid momentum, Luna Classic (LUNC) is undergoing a correction. After failing to overcome the $0.0001256 resistance, bearish trends took over, forcing the token price to drop to an intraday low of $0.00009444, where support was established.
At press time, LUNC was trading at $0.00009629, down 11.04% from the intraday high. If the bears break through the support level at $0.00009444, LUNC could see more downward pressure, with the next support level at $0.00009000. However, if the bulls take control and push the price above the $0.00010000 resistance level, a possible trend reversal could occur, resulting in a likely price increase.
LUNC/USD 24-hour price chart (source: CoinStats)
LUNC’s market capitalization decreased by 12.25% during the pullback to $555.41 million, but 24-hour trading volume grew by 22.59% to $540.17 million, showing higher business activity during the recession. This increase indicates that there is still strong demand and liquidity in the LUNC market, which may support a price recovery if market sentiment changes.
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